Very few people have the patience or vision to stay invested throughout the entire course of a bull market. As we move forward from here with many years left to unfold the corrections will only increase in amplitude testing even the most resolute of gold bugs. We are seeing this happen to some extent now as I do not recall a period over the past 5 years where the sentiment has been this low.

Concurrently, the US economy is in peril and will likely see a severe recession or even depression and as a result a geometric increase to the US deficit and debt. Financing that debt is becoming increasingly difficult and will likely require monetization from within as the only option. As bigpic pointed out the latest REPOS data has indicated the printing presses have been switched to overdrive and the only outcome to this inflationary tactic will be a much, much lower USD.

We know what this can only translate into much higher prices for gold and silver and yet with precious metal prices at or near record highs, with the majors having moved significantly higher over the past several months in sync with their respective commodities, and with juniors continuing to expand their resource base, the overwhelming majority of juniors continue to move inexplicably lower. Why did juniors move with the metals in years past, yet there seems to be an unexplainable divergence today? Do we really believe that as the majors deplete their reserves in this era of higher demand that they won't seek to replenish them through the acquisitions of juniors with large scale deposits?

Much of what is occurring in the markets today is counter intuitive to what any normal investor has experienced in the past, thus the mass confusion which is only exacerbated by the misinformation on most mainstream media outlets.

Many of us, including myself sometimes focus our attention on the micro side and forget that it is the macro side that is the driving force for this bull market.

Bull markets are simple...but not easy to endure.